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Thinking about buying a Used Luxury Car

Ivan

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Have you considered flipping cars for profit? You can get cars for under market value at repo auctions, on Craigslist, in classifieds, etc. Drive it for a year, sell for a profit. The profit offsets maintenance costs and insurance payments. I have a friend who got a repossessed Mini for $8k, drove it for 2 years, and is probably going to sell it for around $10k. I do the same thing, but with cheaper cars. I recently got a car for $550, drove it for a few months, and sold it for $900. The profit paid for the maintenance, registration and insurance. I think I even made $30 on top of that :)

That way, the car becomes more of a profit-yielding investment and less of a money sink. You can usually make a pretty good spread on cars over $10k.

Also, you might want to shop around for a good independent mechanic to do your maintenance. Dealerships charge way too much.
 
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dubaismartmoney

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Cparsons,

I had a friend that was on the market for a brand new entry level executive from the 3 brands we talked.

I advised him to buy a Audi A4, (preferably quattro and S line) since I told him to try to stay away from bmw services.. As refered by several people here, they are quite expensive to maintain an repair.. from the 3 brands.

The E merc with tryed is also a very good choise, but as a mentioned the build quality of audi is gettin very good, they own lamborguini... but anyway, I cant tell you from my experience that my friend bought the audi a4 and can only tell good thinks about the car, he loves it.

So the latest audis actually in the magazines reviews have bigger scores of the quality of the interior than bmw... merc is merc but I dont really go for that look or feeling, so again its really a matter of taste.

again buy the one you like. cars are really one of worse investiments but if you can afford it you should drive something that you like.

A true asset is having control over a Biz that gives u cashflow.
 

458

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Go and buy yourself a nice 5k 2003 nisan frontier, I promise it will be the best investment you ever make. Over 70k miles put on mine so far when I bought it with 55k miles and ive never had a single problem with the truck.


Ps. 22mpg
 
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+1 on the honda side of things.

I just purchased a 1995 5spd accord coupe for $500 bucks. Needed a little work, Nothing that hasn't been discussed a thousand times on a hundred different internet forums (*Cough* Honda-tech.com *cough*).

Got the car running perfect, Im only a total of $650 into it and I can turn around and sell it all day for $1500+ on a whim to a college kid or anyone else looking for a cheap runner than can get 30+ MPG.

Moral of the story is, If you shop around, You'll never really lose money on a Honda. Plus, like mentioned earlier in the thread, it's going to motivate you to get something better. Do I enjoy rolling around in a 16 year old honda? Not really, But it makes me hungry for something better. If I had my dream car right now (Nissan 350z) I sure as hell wouldn't be as motivated to get clients.

Ultimately, It's your money and your ride. Good luck man.
 

CPisHere

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I decided to hold off on the decision... Will revisit in a few months and see what kind of financial position I'm in, but likely going with a Honda :)
 

CommonCents

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There are brokers in every city that buy/sell high line cars, source them from various dealer to dealer auctions across the country(such as Manheim, not open to public) for local dealers. Give them a list upfront, they'll print a list of similar cars, their selling price at auction, and can keep you posted on cars in upcoming auctions. If at a local auction, you can go look at car before it runs through auction and watch your broker buy it for you. They'll charge ya a few hundred bucks since they put no money in it, and you are buying at true dealer cost saving thousands. Most cars are off lease executive cars. Any local car lot goes to local dealer auctions as well and might do a deal for you.
 
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Johnathanfx

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UM?

A very good friend of mine told me once " If your going to work for your self...Your money is your company...If its not going to make you money then don't buy it" He owns a machine shop that's been in business now 25yrs.
 

Steven Williams

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Today my wife and I went to north Chicago to look at a range rover super charger. The had an all indoor show room and I tested out the bentley just for fun. The rover drove very good in the fresh snow we got today. They wanted $53,999 we offered $51,000 cash they didn't take the offer but he said give him til tomorrow morning.

This will be a new vehicle for my wife she will switch between her H2 hummer and rover.
 

Pete799p

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I am well versed in both $600 pos's and used luxury cars as well as jeeps. Alot of the decision comes down to your location and skill set. In Montana the only way to get your Mercedes fixed is to take it to the stealership and pay a fortune. In Chicago you can find a local import shop that will do work for about the same price as a ford. The only difference is the extra cost for parts which can be significant but not neccessarily a deal breaker. Also how mechanically inclinded are you. If you can do most of the maintence yourself like change your own oil and brakes etc. you will be able to take care of your car for about the same as a Jeep.

I have found BMW to be around the best in reliability but my experience is limited to newer models. The Audi's seems to have an electrical problem from time to time which are almost impossible to fix yourself. I have had two Mercedes that had to have ignitions replaced for around 3k but I have seen plenty go into the 200k range still driving great. Mine were around 50k.

Today my wife and I went to north Chicago to look at a range rover super charger. The had an all indoor show room and I tested out the bentley just for fun. The rover drove very good in the fresh snow we got today. They wanted $53,999 we offered $51,000 cash they didn't take the offer but he said give him til tomorrow morning.

This will be a new vehicle for my wife she will switch between her H2 hummer and rover.

I know you have the cash but I would recomend leasing the Rover. They are notorious for having some of the worst maintence issues. A friends girlfriend has one and it has been in the shop more times then I can count for all sorts of things. The thing is really a money pit she could have bought two cars with the money spent in the shop. But the ride is nice.
 
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Russ H

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Some thots from me, the old fart:

When I got my business started (1985), I bought an old Porsche.

LOVED it.

Cost a bit to maintain, but I used the funds from my business, since I used the vehicle for my biz.

Nowadays, I have five. . . no, six . . . no, seven cars.

Paid cash for all of 'em.

All of 'em are old.

Four of 'em are convertibles. Seems like I only drive one of those . . .

In fact, day to day, I only drive the big Ford truck and the 06 Mustang 'vert.

(note: neither of the above 2 cars are considered luxury, or imported).

Funny what happens when you get to the point in your life when can pay cash for a Lambo.

In my case (and my case only), I decided to spend it on other things.

A house, for instance (we just paid $220K+ cash for a house last month).

There's a lesson in here somewhere . . . hmmm . . . :smxB:

-Russ H.
 

Kak

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A 3 series is not a luxury car

It is a sporty sedan. You are thinking well by going used.

So I have a 06 Nissan Xterra right now with 85k miles on it. I own it outright. I will need more write offs for 2012 than 2011 so I decided on a company car in addition to my Xterra.

My operating income comes in on a month to month basis so I started looking at low money down on C Class Mercedes leases. These shark dickhead salesmen wanted me to pay 450-500 bucks a month for a F*cking C class. :rofl:

I told Park Place Houston to FO and went looking on autotrader. I found an 08 E63 AMG (yes the 500 horsepower $100k supersedan) for a modest $39,900. Drop 5000 on the down payment and finance the thing for 60 months in the mid $500s per month. So owning an AMG E class vs leasing a C, hmm thats SOOOOO hard. I am about three evil thoughts away from pulling the trigger on this badboy. I test drove it the other day and it takes off like a fighter jet. Un-fricking believable car. 0-60 in 4.2 seconds and it tops out at a governed 186. :heartbeat:

I offered 34k but if they come back with anything lower than about 37.5 I am probably going to be driving a cool benz.
 

CPisHere

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There are brokers in every city that buy/sell high line cars, source them from various dealer to dealer auctions across the country(such as Manheim, not open to public) for local dealers. Give them a list upfront, they'll print a list of similar cars, their selling price at auction, and can keep you posted on cars in upcoming auctions. If at a local auction, you can go look at car before it runs through auction and watch your broker buy it for you. They'll charge ya a few hundred bucks since they put no money in it, and you are buying at true dealer cost saving thousands. Most cars are off lease executive cars. Any local car lot goes to local dealer auctions as well and might do a deal for you.
How do you find these brokers??
 
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Steven Williams

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You're right about maintenance I've owned an 08 LR3 rover and I've had about $2k in repairs but I keep my cars for years. I own an S600 coup Benz 1994 I've owed it for almost 10 yrs. My H2 since 05 I'll buy only because I'll keep them for years.

My thinking is $50k / by 10 is 5k a year cost + $5k maintenance over time. With the security of no monthly payments. I understand my position is different so if I didn't have the cash I wouldn't buy or lease because your reasoning is very solid!

I'm finally going to let my s600 go even though I did a complete $6k overhaul last spring. I'm fine with my LR3 my wife wants the Range Rover.
 

CommonCents

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How do you find these brokers??

1. go to your favorite search site
2. type in auto broker
3. hit enter

:)

Pretty much any independent dealer goes to dealer to dealer auctions and will do this for you since they don't have to put any of their money in the car. Target the used car lots that feature high line type cars you seek.

These are not public auctions where the junk gets offloaded, these are dealer to dealer where trading reputation is more important. Look up Manheim Auctions for locations. Manheim might even provide a list of brokers/dealers that work with individuals.

It's easy to save 5-10k off a car depending on what it is. I have one looking for a loaded avalanche or range rover sport right now, many of these can be 10-15k under retail.

There are BMW corp off lease auctions have some killer deals. BMW Financial Purchase Direct for dealers only.
https://www.bmwfspurchasedirect.com/bmwca/themes/_bmwc_pl/forms/bmwcontact.jhtm?gaVersion=2&gaFromPage=loginForm&gaFromPageEle=footerContactUs&gaOrgId
 

G-man422

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Cparsons,

I am an avid automobile lover. I sometimes get in a car buying mood and search for luxury cars on eBay, craigslist, autotrader, etc. This motivates me. Going out and buying the car will actually be anticlimactic.

Let the desire motivate you until the car you want can be easily purchased with cashflow from a prospering business.

And since we're talking cars, I currently drive a Toyota Corolla. It's inexpensive to maintain, gets good gas milage and allows me to put extra money into my business ventures. My desired automobiles are a Honda S2000 and an Acura NSX. I'm building my business harder than ever . . .

Best of luck.
 
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Russ H

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These shark salesmen wanted me to pay 450-500 bucks a month for an effing C class. :rofl:

I told Park Place Houston to FO and went looking on autotrader. I found an 08 E63 AMG (yes the 500 horsepower $100k supersedan) for a modest $39,900. Drop 5000 on the down payment and finance the thing for 60 months in the mid $500s per month. So owning an AMG E class vs leasing a C, hmm thats SOOOOO hard. I am about three evil thoughts away from pulling the trigger on this badboy. I test drove it the other day and it takes off like a fighter jet. Un-fricking believable car. 0-60 in 4.2 seconds and it tops out at a governed 186. :heartbeat:

I offered 34k but if they come back with anything lower than about 37.5 I am probably going to be driving a cool benz.

Be careful. We almost bought a similar AMG a few years back, until I spent about an hour on the MB forums.

Out of warranty AMGs can be insanely expensive to maintain. And they're not that reliable.

-Russ H.
 

Kak

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Ended up deciding on the responsible choice for someone with 50% of his body weight in his right foot. I am nit getting the AMG but I am getting the diesel E class as soon as I find the right deal. They are still really quick and get great gas mileage. I wouldn't mind bumping up to that diesel S class eventually either. Should be plenty nice inside and out with AMG wheels especially. Just would end up hurting myself in the AMG.
 

ChrisRempel

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Firstly - when it comes to used lux/exotics - never compromise.

Like another poster said, if you're just buying for "looks" then in 4 months time it will be just become another Buick.

You should really learn the ins/outs of the brand, the models and buy what you love.

In the case of a BMW, I would never buy a 325 because they're underpowered, and for the same money ($8K - $10K) I could buy an E36 M3, which is one of the best sports cars ever made and still ranks as in the shortlist as one of the world's best-handling cars.

But then, that's me. I'm all about performance and buying the best - usually for the same price as an "average" model by the same brand.

Regarding maintenance and upkeep - this also really depends on how much you learn about your car. These cars are specific. They are NOT a generic "just add oil" type of car. Each one differs, has its own systems, quirks, etc. When you know your car inside and out, maintenance costs are mostly going to be preventative, because you know what to monitor.

(Instead of doing what most people do - waiting for something to break. THAT is when things get expensive).

For example, with the M3 you really have to watch oil consumption and valve timing (VANOS), as well as valve clearances. It's a high-revving, high-compression engine that will grenade if things are askew. But it's also very reliable IF maintained properly.

So that's the bottom line. It's actually not that bad... if you're obsessed with your car(s) and know them inside and out. Because you'll see things coming a mile away, and you can take preventative measures.

Plus, there's extensive communities and forums for every kind of performance car out there. Huge networks of support and information. That's where I do most of my "diagnosis". I don't trust mechanics (until they earn it).

Yes, oil changes are more expensive, they use premium gas, expendable stuff like brakes/pads/tires, etc. are all more expensive. But IMO if it's your thing, it's worth it.

Background and basis for my opinions: I presently own and drive the following...

* 2002 Porsche 911 Turbo... erm... not exactly stock :)
* 1993 Porsche 968 Club Sport
* 1987 Porsche 911 3.2 Carrera Euro-Spec
* 1972 Chevy Chevelle Malibu

And sold, but not forgotten is my 2002 BMW M3 (E46, Coupe, 6 Spd). Hell of a car, those M3's...

-Chris

PS Helpful hint: If you can, have a daily beater for the everyday stuff, and preserve the weekends or nice sunny afternoons (and the garage) for your baby. Trust me, THAT more than anything will keep those maintenance costs way down...
 
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lexy

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Chris perhaps won't speak to me any more, but I don't like most German cars, and wouldn't really want a Mercedes, BMW or Porsche. :smxE:

What I want to buy is a late-60's/early-70's E-type Jaguar, but I want the coupé, not the roadster, and I want automatic rather than manual transmission. Which just makes it insanely difficult, because there aren't so many really good, renovated ones around from that period to start with, and when there are, 90% of them are roadsters and 90% are stick-shift. So overall it's close-to-impossible (at least, without spending $250,000 or whatever).

Which means that what I'll end up buying, instead, is probably a 2-year-old Jaguar XK. Not really my first choice, by any means, but there are probably about 500 of those for sale, for every 1970-ish E-type, and the prices are pretty similar. And it's probably a more "sensible" buy, too, which will at least please my parents. :rolleyes:
 

ChrisRempel

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Oh Lexy... one day you'll come around :)

Those E-types however are freakin' beautiful. IMO a far better buy (even as a stick shift) than a late model XK.

Also, why are you averse to the manual tranny?

With an old automatic (especially in a vintage Jag!) it's going to be a ticking bomb, maintenance wise.

Also your argument on settling with an XK doesn't hold up. So far to pick up each of my cars, all of which have very specific qualities, I had to spend months searching and following listings across all the major classifieds sites.

Takes a while, but well worth doing!

Anyway, hopefully you get the car you actually want.

-Chris

PS One last thing - if you buy a car too new you will get hammered by depreciation. This is almost never offset by the difference in maintenance, barring catastrophic stuff (which is rare).
 

lexy

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Oooh, Chris ... I agree with all your points, really. (Apart from about German cars, natch). But have been "looking" for a while, and it's difficult. I can tolerate a 2-year-old XK, I think. Wouldn't buy a new one - too expensive and I agree about depreciation.

High-heeled chicks like me can't cope with the clutch in an old E-type: manual transmission in that type of car isn't too girl-friendly, at all. Not even as a "conduit vehicle", as you might say ...
 
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ChrisRempel

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Haha, conduit vehicle, LOL.

Good points. Post pics here when you get that jag - even if its an XK :fastlane:

(And I promise not to say anything about it being a fancy ford :smxB: )

-Chris
 

V8Bill

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Lexus LS400 Series 2 (UFC20).

If you're looking for a luxury sedan with astonishing super plush ride, great handling, power (their 1UZ quad cam V8 engine was copied by BMW and one engine of the decade for the 90s) and economy (650+ miles from a tank). The LS400 is (in my opinion) the most under rated luxury car of them all. Yes, it's a bit old now (my favourite is the 96/97 model) but these cars are mostly bought by older people who love maintaining them and being spoiled by Lexus service centres.

Avoid anything that was modified (except for maybe some nice 18x8 alloy wheels). The engine is bullet proof (nothing ever went wrong with mine and I've had two - so far - and I drove all over Australia many times - with cruse control it's like driving my lounge room) and the only reason I sold the first one was because I found a nicer colour one and sold my first to my cousin (who will not part with it - just refuses to sell it) and I sold the second one when I recently moved and wanted a ute (pick up) for other reasons. Not a fan of the light coloured interiors, my preference is for the dark green/grey coloured models with grey interior.

Many will laugh at the Lexus but let me tell you, the built quality is astounding. Small body gaps, triple rubber seals (for super quiet interiors), leather 6 way electric seats, multiple climate zones, anti pollen filters, ionizing air conditioner, fantastic paint jobs, even great sub woofer stereos. These are luxury rides for sure.

These cars were over $150,000 when new and can be picked up for less than $10,000 for an immaculate low miles version. That sounds like a smart decision in my books. I once had access to a new $250,000+ Mercedes S Class sedan for a few weeks and to be honest The Lexus had more power and was equal in almost ever other way (the Lexus LS400 didn't have self closing doors but who cares about that?). I used to coach rich guys in options trading so I was invited to stay with some pretty cashed up dudes and many had Mercs but they ALL said how fantastic my LS400 was in all respects, power, smoothness, quietness and luxury feeling. I used to play a game where I'd say I picked it up for about $48,000 and they would nod in appreciation of a good deal (when I mentioned they were triple that when new). They were floored when I told them I'd paid $9,000 and one said he was going to sell his S Class and buy one and invest the change in trading.

Here's a picture of the model I'd buy a again (the whole ute/pickup thing didn't work out as expected).

If you want others to see you in a Luxury car and say wow! buy a Merc or something that will give you prestige but if you want a car that will give you a supreme plush ride, have all the luxury appointments and give you satisfaction as a driver (and a spender) you can't go past the 1996/97 LS400 (low miles with service history). The engines will go for half a million miles with standard maintenance, they were over engineered and are a very surprising car to drive and own. The Japanese were trying really hard to break into the luxury car market in those days and out did themselves - for the gear heads these cars had a 6 bolt main caps! and have been supercharged and turbocharged with stock bottom ends running up past 9,000 rpm!

I know this is a long post about a 15+ year old car but really, these cars (and especially this model) have always been under rated and over looked. The only reason I looked at one was that someone else (who owned one) INSISTED that I take one for a drive and prepare to be amazed and I was.

For the record I think all Lexus Top of the range models (the LS400 is the Top Of The Range Lexus model) since 1997 have been pretty ugly but the 96/97 model just looks great from all angles (in my opinion).

Anyway, that's my 2c worth. For a driver's car with a luxury feel, ride and mechanically strong (they use these transmissions behind drag cars that do 10s in the 1/4 mile), consider taking a well looked after 96/97 LS400 for a drive. There's a reason they won Car Of The Year in many motor magazines. You'll be surprised and your thirst for luxury will be quenched. Save your money. These cars are amazing.

1996 Lexus LS 400 For Sale - CarGurus as an example.
 

458

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Oooh, Chris ... I agree with all your points, really. (Apart from about German cars, natch). But have been "looking" for a while, and it's difficult. I can tolerate a 2-year-old XK, I think. Wouldn't buy a new one - too expensive and I agree about depreciation.

High-heeled chicks like me can't cope with the clutch in an old E-type: manual transmission in that type of car isn't too girl-friendly, at all. Not even as a "conduit vehicle", as you might say ...


[video=youtube;6BAmiHWSXa8]http://www.youtube.com/watch?v=6BAmiHWSXa8[/video]
 
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Loup_Noir

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Nothing wrong with buying used. My cadillac and viper are used, but the point is that anyone can buy or finance the car. To be able to afford it, you have to be able to maintain it.
 

CPisHere

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PS: I ended up buying an '07 Honda Accord with 90k miles... couldn't justify the premium for a luxury car right now.
 

Shades

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Im thinking of using cars as goal markers. At least initially.

My first goal is a Kia Optima EX or SX. This will generate laughs I am sure but it is a pretty damn nice car for the money. Beats the other offerings in its class like Accords, Camry etc... IMO. By the end of next year I want to have a used 2011 version of this car.

The next goal, as of now, will then be a Cadillac CTS or ATS sedan.

After than im not really sure. I cant see myself ever buying a car thats higher than the $30k range. But thats just speaking from the point im at in my life right now I guess. It gets to a point where a car is nice enough where its hard to justify spending any more. Not to mention the only local luxury dealers are Cadillac and BMW. The inconvenience of driving far to get the car serviced would keep me away from other makers. So ill have to think of different goal markers at that point.
 
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CPisHere

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Im thinking of using cars as goal markers. At least initially.

My first goal is a Kia Optima EX or SX. This will generate laughs I am sure but it is a pretty damn nice car for the money. Beats the other offerings in its class like Accords, Camry etc... IMO. By the end of next year I want to have a used 2011 version of this car.

The next goal, as of now, will then be a Cadillac CTS or ATS sedan.

After than im not really sure. I cant see myself ever buying a car thats higher than the $30k range. But thats just speaking from the point im at in my life right now I guess. It gets to a point where a car is nice enough where its hard to justify spending any more. Not to mention the only local luxury dealers are Cadillac and BMW. The inconvenience of driving far to get the car serviced would keep me away from other makers. So ill have to think of different goal markers at that point.
The problem with this, which is a problem I was faced with, is that it's easy to fool yourself by buying an older luxury car, or by taking out far too much debt to buy a car, etc - all in the name of making it appear that you've hit your goals.
 

Calgary

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I've owned quite a number of luxury vehicles.

My background of cars:
An '04 Land Rover Discovery II was my first car. It was nice for the first few years then depreciation hit me and sadly, now it's dead.
It was pretty solid for the first 120,xxx kilometres (75k miles) and after that, I became more acquainted with my mechanic and now we're friends (sort-of). Last year was when I hated it the most. It's because the vehicle was worth around 8-10k and I was putting about $500-$1000 every month or so. In the end, I took it to Wasa where a really dear friend of mine owns a summer home right on the lake and I went up lazy lake road (lots of nice offroading areas there :D) and gave her the last hurrah. Being the most unreliable vehicle I've ever owned, it drove smooth until I brought it home 400km (260 miles) later. Took it to my mechanic to get it diagnosed. Rad leak, + replace the valve cover gasket + a head gasket job (Which I already did a year and a half ago for $3900 at another shop). Total for the rad repair was 1k + valve cover gasket which was another 1K job and the head gasket, a 2.5K job (This was just the quote I received). After all of that, he still couldn't guarantee that the motor would be good and that the car will still run. This was when I gave up my car.

Second, a 2003 Land Rover Range Rover.
Bought this used for about 30K cash.
Over the next few years that I owned it, lots of little things went wrong.
Steering wheel adjuster (vertical) didn't work. Got that fixed and then the telescope (front and back) stopped working a few months later. $600 job. PDC (Parking distance control) stopped working. I never bothered to get that fixed but I was told that it was around a $300-400 job. EAS (Electronic Air Suspension) died with the inactive suspension message. Had to get new struts or whatever associated with the air suspension of the car. $4k job. Navigation completely died. $800. Friend of mine drove it and was involved in a minor accident. (Rear door and quarter panel was scraped on the driver's side) Eventually sold it last year at around October 2011 for $15k (170,xxx KM on the Odo which is 106250 miles).

Third:
2008 Bentley Continental GT Mulliner
Bought this together with my grand father.
Was under warranty and just regular maintenance was needed.
Came to about $1500-$2500/year.
Sold it a couple of years after buying it because it wasn't practical and it only had 15k on the odometer.

Fourth:
2006 Bentley Continental Flying Spur.
This was the car we bought afterwards.
More practical (4 doors). From 2006-2008, the major difference is with the Bluetooth add on to the nav.
No other real difference (as far as I'm aware of) other than heavier depreciation.
Other than standard services, had to fork over 4k on some service that I can't recall off the top of my head.
Has about 60k on the odo (37500 miles)

Fifth:
Current Daily driver is a 2009 Hyundai Sonata V6.
Got this at a steal for $10k. 19 mpg in the city (when I have a lead foot), 23 mpg (when I drive normally) and 30 mpg on the highway. You can't go wrong + I'm only paying for regular, not premium. Gas is so inexpensive in this car that I drive everywhere and drive across town (60km round trip) for a car wash.

To this day, I still miss the Range Rover and have been thinking of picking up an '07 Supercharged which led to thinking of getting a '10 HSE (25 HP difference) but I'd rather use the money for something else (I don't finance my cars. I buy them with cash). So that's my dilemma. Buy a car, or start a business in B&M, Human resources (Manufacturing Computers + Developing Software), etc.
Of course it'll cost more than that so in the meantime, I'm sticking with my new business which is Exotic vehicle rentals and memberships.

Remember, if you're buying a vehicle. It's ALWAYS an expense. I buy vehicles because I love them and I'm aware of what I'm getting in to.
It's an emotional purchase for me so that's why it'll always take me a while to buy any car (unless it's a steal).
Also account for gas (luxury cars take premium.) From where I live, it can be a steep difference. Regular right now is $1.09 and Premium is $1.30; in American terms, it's $4.13/Gallon and $4.96/Gallon.
Also account for insurance prices. It may be higher than just a regular car.

Much like you wanting luxury cars, I used to buy cars partly for status purposes. At the end of the day, you shouldn't care about that.
To me, at the end of the day, it's a dated BMW and only a 3 series which is affordable by pretty much anyone (especially if they live with their parents). I know a friend of mine who used to drive a brand new 3 series a few years ago. That's because he worked, never paid his parents any rent and leased the vehicle for 36 months.

Go ahead and buy the BMW IF you don't care about paying $2k every 3 months. It's highly unlikely that you'll ever need to pay that much for repair costs but if you're not bothered by that then you can afford it.

However, if you DON'T mind forking that much then you WILL have a problem. That's because it's going to be a nice car when you first get it. You're going to be okay with paying hefty amounts on maintenance. Quickly though, it's going to get old. There can be circumstances (family emergency, mortgage/rent not working out for you, income issues, etc) that might make you hate your car and the car's going to start looking really old if you drive it around and see newer BMWs on the street.

My advice, I would get a newer and non-luxury branded car. Why in the WORLD are you increasing your expenses for no reason?
Even my Sonata. I've been thinking of selling it and buying a Range Rover as a replacement (would be a good excuse too ;)) but I can't sell it because of the MPG figures + how dependable the car is. Since you're in the states, my 10K car would probably go for 7-8k.
It has everything I need too. (iPod connectivity/Aux, No nav [but I use a TomTom instead anyways], heated seats, cheap gas and relatively decent horsepower (250 HP) + my Escort 9500iX to go with that.


Note:
I just woke up and saw this thread. You're going to notice bad grammar and organization of thoughts.
 

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